What’s Ahead For Mortgage Rates This Week – September 19, 2016

Last week’s economic news included reports on retail sales, inflation, and weekly reports on mortgage rates and new jobless claims.

Retail Sales Slip as Consumer Prices Inch Up

Retail sales dipped into negative territory in August with a reading of -0.30 percent as compared to expectations of -0.10 percent and July’s reading of +0.10 percent. Retail sales excluding auto sales were better at +0.30 percent. Analysts expected a reading of +0.20 percent based on July’s reading of -0.40 percent. August’s negative reading for retail sales was the first negative report since March.

Inflation fared better than retail sales with August’s Consumer Price Index reading at 0.20 percent. Analysts expected a reading of 0.10 percent; July’s reading was flat. Core Consumer Price Index readings for August are less volatile, as the Core CPI does not include readings for food and energy costs. August’s Core CPI reading was 0.30 percent. A reading of 0.20 percent was expected; July’s reading was 0.10 percent. It appears that inflation is creeping upward, but remains well below the Fed’s target reading of 2.0 percent.

Mortgage Rates, New Jobless Claims Rise

Freddie Mac reported higher mortgage rates across the board last week. The average rate for a 30-year fixed rate mortgage rose six basis points to 3.50 percent; the average rate for a 15-year fixed rate mortgage rose one basis point to 2.76 percent and the average rate for a 5/1 adjustable rate mortgage rose one basis point to an average of 2.82 percent. Average discount points were 0.50 for 30 and 15-year fixed rate mortgages and 0.40 percent for 5/1 adjustable rate mortgages.

Low mortgage rates have helped home buyers, especially first-time and moderate income buyers, meet affordability challenges. Home prices have risen due to low numbers of available homes and high demand for homes. If mortgage rates continue to rise, fewer buyers will be able to qualify for mortgages and or afford asking prices for available homes.

Next week’s meeting of the Fed’s Federal Open Market Committee is expected to bring news of a Fed decision on raising the target federal funds rate. If the Fed raises its rate, consumer interest rates for mortgages, vehicles and other goods can be expected to increase as well.

What‘s Ahead

This week’s economic news includes the NAHB Housing Market Index, Commerce Department reports on housing starts and building permits issued and a Fed Statement at the conclusion of its Federal Open Market Committee meeting on Wednesday. Fed Chair Janet Yellen is also slated to give a press conference after the FOMC statement. The National Association of Realtors will also release a report on sales of previously owned homes.

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4380 E Prairie Lane Cottonwood, AZ 86326

$710,000

3 Beds

2 Baths

1,855 SqFt

Status Active

MLS # 6740171

Property Type Single Family Residence

Price Type --

This stunning, newly built property is perched atop a scenic hill, offering breathtaking mountain views from every angle. The modern design of the home seamlessly integrates with the natural landscape, featuring a split floor plan. Inside, the open-concept layout is highlighted by high ceilings, sleek finishes, and an abundance of natural light. The expansive outdoor patios provides the perfect spot for enjoying the serene surroundings and picturesque sunsets.

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23323 W Myers Street Wittmann, AZ 85361

$710,000

3 Beds

2 Baths

2,400 SqFt

Status Active

MLS # 6726349

Property Type Single Family Residence

Price Type --

Welcome to this stunning newer home, built in 2020, offering 2400 sq ft of luxurious living space on a sprawling 1.421-acre lot, making it the perfect horse property with pipe fencing and conveniently located across from state land. This exquisite property features 2x6 construction with R-19 insulated walls and an R-60 insulated ceiling, ensuring maximum energy efficiency and comfort. The main garage is fully insulated with 10ft ceilings and boasts an epoxy floor, perfect for any car enthusiast. Additionally, the property includes a 30x50 shop with a fully enclosed, air-conditioned office. The home itself is a masterpiece of design and functionality. It includes three spacious bedrooms and two baths. The large kitchen features a built-in granite table, a walk-in pantry, and gourmet amenities, making it a chef's dream. A dedicated pet room and a large laundry room with a sink and extra storage cabinets add to the home's convenience. Step outside to find six raised garden beds within a fully enclosed 600 sq ft arbor, perfect for growing your own produce. For those interested in sustainable living, there's a chicken coop that can accommodate up to 15 hens. The home also features a welcoming courtyard, a covered patio for outdoor entertaining, and an oversized master bedroom with a large walk-in closet. This property offers a unique blend of modern amenities and country charm, making it the perfect place to make your own!

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20912 N 39th Place Phoenix, AZ 85050

$710,000

4 Beds

2.5 Baths

2,041 SqFt

Status Active

MLS # 6757363

Property Type Single Family Residence

Price Type --

Welcome Home to this beautiful move-in ready Desert Ridge area 4 bed, 2.5 bath cul-de-sac home. $54,000 in upgrades over the last two years. New Roof, New AC/Heating System, Home Painted in and out, new carpet, new bath vanities in upstairs baths with quartz counters, new sinks and faucets, nearly every light and ceiling fan updated, new blinds, new toilets, new sink and faucet in kitchen, new sprinkler system front and back and new artificial turf in front and backyards. Located minutes from shopping, dining & entertainment at Desert Ridge and City North. Quick access to the 101 and 51. Great PV Schools. Kitchen is open to the breakfast area and large family room overlooking tremendous backyard. Primary bedroom boasts a big walk-in closet and full bath with separate tub and shower.

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1702 E Libra Drive Tempe, AZ 85283

$710,000

4 Beds

2 Baths

2,890 SqFt

Status Active

MLS # 6754260

Property Type Single Family Residence

Price Type --

This spacious 4 bedrooms, 1.75 bathrooms home is nestled on a large, corner lot at the end of a cul-de-sac with No HOA. Home has a 2 car garage, additional 2 car slab parking AND RV gate with lots of space to park an RV or recreational toys. Home features formal living and dining rooms plus a family room with wood-burning fireplace. The kitchen overlooks the family room and has granite countertops, breakfast bar and stainless steel appliances. The primary bedroom has en suite bathroom and French doors that lead to the backyard. The backyard is built for entertaining with built-in grill and bar and expansive covered patio. There is a full-on workshop in the backyard with power and lights. Convenient Tempe location and short walk or ride to K-12 schools, city parks, bus stop or Tempe's Orbit transit stop. Within a pedestrian & bike friendly community, home is a short distance the Western Canal path & Tempe Kiwanis Park. Just minutes from major shopping, dining, East Valley freeways, ASU Research Park approximately 20 minute commute to Sky Harbor Airport and so much more!

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8512 W Behrend Drive Peoria, AZ 85382

$710,000

2 Beds

2.5 Baths

2,203 SqFt

Status Active

MLS # 6757573

Property Type Single Family Residence

Price Type --

This stunning home is located in Westbrook Village, one of Arizona's most premier adult communities. Enjoy the sprawling floor plan w/ room to spread out, entertain & enjoy easy living. You'll appreciate all this home has to offer w/ vaulted ceilings, natural light, plantation shutters throughout and a gourmet kitchen featuring double ovens, gas cooktop, huge island and plenty of cabinet space. Cozy up in the Family & living room w/ a 2 way gas fireplace. The main bedroom offers a large walk-in closet, double sinks and beautiful shower. 3 car garage has expansive storage with built-in cabinets. Relax in your resort-style backyard w/ built in BBQ and ample outdoor living space. Thoughtfully upgraded in 2019 including water softener and tankless water heater, 2 stage 15 seer ac unit in 2024 Westbrook Village offers a wealth of amenities! 2 championship golf courses, driving range, club houses & restaurants. There is never a lack of activities with their 87 clubs. Enjoy billiards*bocce ball*horseshoes*dance*aerobics/yoga*crafts/hobby rooms*pickleball*tennis*RV parking*pools*fitness facility*ballroom and so much more! This home is the perfect combination of luxury and comfort. Come and see it and do not miss the opportunity to make this gorgeous home yours!

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50134 W Gail Lane Maricopa, AZ 85139

$710,000

3 Beds

2 Baths

1,226 SqFt

Status Active

MLS # 6729907

Property Type Single Family Residence

Price Type --

SPACIOUS, AMPLE LAND WITH PLENTY OF POSSIBILITIES! This equestrian estate sits on 3.3 fenced acres which include a 17-stalls with electricity and water pipes, horse setup, turn out area, ample space for a partially-lit arena, covered RV/trailer parking (RV SPOT WITH 30AMP ) and covered hay storage. The 3 bedroom, 2 bathroom home comes with an updated kitchen and baths. Irrigation, paved roads, private water co. and NO HOA are some of the perks to name a few! Truly an opportunity you can't miss! IT HAS CASITA FULLY RENOVATED THAT COMES A BONUS FOR YOUR GUESTS!!!

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20039 S 231st Street Queen Creek, AZ 85142

$710,000

3 Beds

2 Baths

1,718 SqFt

Status Active

MLS # 6747233

Property Type Single Family Residence

Price Type --

This stunning newly built home in the highly desirable Barney Farms community of Queen Creek, AZ offers a perfect blend of modern design and comfortable living. The home boasts a charming exterior on a corner lot with a neatly manicured landscape curb appeal. From the moment you step inside, you'll notice the attention to detail and high-end finishes that set this property apart. The kitchen is a true centerpiece, featuring sleek grey cabinetry with over and under cabinet lighting, granite countertops, white tile backsplash and top-of-the-line stainless steel appliances as well as elegant pendant lighting above the large center island. The open floor plan seamlessly connects the kitchen to the living and dining areas, creating an inviting space for both relaxation and entertainment. The master suite is a true retreat, featuring a spacious layout and a luxurious en-suite bathroom with upgraded fixtures, a walk-in tiled shower, and dual sink vanity with granite countertops and a large walk in closet. The master suite also has an exterior door leading to a backyard oasis of comfort enhanced with a covered patio ideal for outdoor dining, a cozy seating area with a custom gas fire pit, waterfall features and a large green turf area - perfect for Arizona evenings. The low maintenance landscaping ensures you can enjoy your outdoor space without the hassle of extensive upkeep! Other upgrades include exterior custom screen doors and permanent exterior holiday LED lighting. This home is a rare find in Barney Farms offering luxurious living in a vibrant community filled with amenities including parks, a 22 acre lake for fishing & kayaking, a community pool, pickle ball courts, basketball courts and even a community clubhouse where the HOA puts on monthly events for the residents! Don't miss the opportunity to make this exceptional property your new home!

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1572 W Chicago Street Chandler, AZ 85224

$710,000

4 Beds

2 Baths

2,313 SqFt

Status Active

MLS # 6753393

Property Type Single Family Residence

Price Type --

Price Reduced! Come home to your own resort, located in the heart of Chandler. Minutes from the 101, 202 and the US60, 20 min drive to either airport,& less than 2 miles to Chandler Mall or Downtown Chandler. Walking distance to Chandler YMCA. local grocery stores, Chandler Regional Hospital blocks away, many medical offices, all major employers in Chandler. This 4 bedroom, 2 bath home, sits on the largest lot in the subdivision, and has been lovingly remodeled by the same licensed Master Craftsman on all projects. The attention to detail is obvious throughout. The kitchen remodeled Jan. 2023 and boasts New Custom Cabinets with soft close drawers/doors. Butcher Block Island Counter Top with Quartz Countertops on rest. SEE MORE..... A fully permitted 413 sq ft great room is a fantastic addition to your entertainment areas and Double Glass French Doors opens onto a very expansive patio and pool deck with fenced in pebble tec pool/spa resurfaced 2022. The large lot wraps around the home features a citrus orchard with lemon, two kinds of orange and grapefruit trees. Smaller patios off the family room and the Master bedroom add to your outdoor living experience. For pet owners the addition of a doggy wash/potting station with Hot and Cold running water is a must! Lot is landscaped with flowering trees, shrubs and palms, creating a secret garden for your enjoyment. Located on a cul de sac lot with only one story homes as your neighbors, gives you the privacy you crave. Many improvements recently! See Attached Improvements/Remodeled and Does not Convey List in Documents Tab. Installed new roof July of 2024 and fresh interior paint through out. Become only the third owner of this much-loved home. It won't last long!

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2243 W Spur Drive Phoenix, AZ 85085

$710,000

4 Beds

2.5 Baths

2,928 SqFt

Status Active

MLS # 6733386

Property Type Single Family Residence

Price Type --

Highly desired PRIVACY corner LOT in PRIME Norterra ''Valley Vista'' location featuring N/S Exposure w/Open Floorplan, 4 Beds, 2.5 Baths, Kitchen w/Upgraded Cabinetry, Island Breakfast Bar, Granite Countertops, Stainless Steel Appliances, Vaulted Ceilings, Wrought Iron Staircase Railing, NEW CARPET & INTERIOR PAINT, Family/Great Room w/Large View Windows, Hardwood & Stone Flooring, Primary Suite w/Separate Soaking Tub & Shower, 2-Walk-in Closets, Recessed LED Lighting, Water Softener System, Private Resort Style Backyard w/Pebbletec Swimming Pool, Extended Covered Patio, Pavers, Grassy Play Area & SO MUCH MORE! Community features Walking & Biking Trails, Playgrounds, Greenbelts, Basketball, Close to Everything- Shopping, Dining, Golfing, Schools, TSMC plant & EZ Freeway Access - Must See!

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14042 N 44th Street Phoenix, AZ 85032

$710,000

4 Beds

2 Baths

1,937 SqFt

Status Active

MLS # 6744174

Property Type Single Family Residence

Price Type --

Discover this 4-bedroom gem just 2 minuets from PV Reimagined, Costco, Target, and more. Step inside to find tile flooring throughout and a soothing color palette that creates a tranquil ambiance. Spacious living room flows seamlessly into the great room, highlighted by a stone-accented fireplace, perfect for cozy evenings. Kitchen is a chef's delight, equipped with stainless steel appliances, white cabinets, granite counters, and a peninsula with a breakfast bar. Retreat to the main bedroom, offering direct backyard access and a private bathroom with dual sinks and unique glass block shower walls. The expansive backyard is an oasis with a covered patio, play area, and a fenced-in pool, ideal for entertaining and relaxation. Make this stunning home yours today List of 44th st home updates or improvements: 2019 - Dishwasher and Hot water heater replaced 3/10/21 - Installed new American standard HVAC July 2023 - Installed new luxury vinyl flooring in all bedrooms 3/29/24 - Full roof and vent replacement 6/2/24 - Exterior painted

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1956 W Black Hill Road Phoenix, AZ 85085

$710,000

5 Beds

2.5 Baths

2,648 SqFt

Status Active

MLS # 6745313

Property Type Single Family Residence

Price Type --

The search is finally over! Discover this gorgeous 5-bedroom, 2.5-bathroom residence, complete with a 3-car garage and meticulously maintained front yard. Inside, the living room boasts high ceilings, a soothing palette, blinds for privacy, and stylish wood-look flooring. The great room features a cozy fireplace for relaxing evenings. The gourmet kitchen comes with granite counters, abundant white cabinetry with crown moulding, pendant/recessed lighting, SS appliances, a tile backsplash, a walk-in pantry, a center island, and a peninsula with a breakfast bar. Upstairs, the sizeable loft offers additional living space, ideal for a family room or play area. The main bedroom includes soft carpeting, walk-in closets, and an ensuite with dual sinks. Outside, the expansive backyard showcases a covered patio, a charming ramada, elegant pavers, a built-in BBQ, and a well-kept lawn, and breathtaking mountain view. Amazing community center has kids play pool, lap pool, climbing wall, gym, and more! This gem will sell fast!

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1835 E Joy Ranch Road Phoenix, AZ 85086

$710,000

3 Beds

2 Baths

1,635 SqFt

Status Active

MLS # 6710667

Property Type Single Family Residence

Price Type --

Assumable 4.75% loan on this horse property on a fully fenced 1.25 acre lot w/mountain views. Voted BEST ON TOUR for the desert hills area. This North facing, true split floor plan 3 bed & 2 bath home boasts vaulted ceilings, updated kitchen, freshly remodeled bathrooms, new interior paint, new tile flooring, Water heater & RO System. The kitchen features SS appliances, granite countertops, abundant cabinetry & overlooks the great room, tons of natural light & an oversized dining area. Every inch of this home exudes comfort & style. Outside, discover the covered patios, 6- 12x12 horse mare motel, arena, tack room/shop & RV parking w/50 amp connection. NO HOA! Just steps away from state preserve land. Don't miss this opportunity to own your own piece of paradise in North Phoenix.

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